Gold prices witnessed a decline in the local markets Monday, while the ounce declined slightly on the global stock exchange with the rise of the US dollar.
This came after statements by US Federal officials reaffirming their commitment to keeping interest rates for a more extended period to confront inflation.
Saeed Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said that gold prices are heading towards fair prices, as reflected by recent price decreases.
The per tola price of 21-karat gold decreased by EGP125 to EGP2275 on Mondy against its sale at EGP 2600 the previous day, Imbaby reported.
He added that a gram of 24k gold recorded EGP2600, a gram of 18k gold recorded about 1950 pounds, a gram of 14 karat gold recorded about 1517 pounds, while a gold pound recorded about EGP18200.
He also noted gold prices had declined by 200 pounds, about 7.7% in the local markets during the trading last Saturday evening.
Contributed by Ahmed Emam
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